Recently, the Costa Rican Congress unanimously approved a law overhauling the country's immigration policy. The new law is expected to take effect in early 2010.
Costa Rica is by far the most popular Central American country for Americans to buy a second home or to make the move and live there full time. Many in the latter group chose to become permanent legal residents of the country. The process for doing so is fairly simple (though often rife with bureaucratic delays).
The new law, however, increases the monthly income aspiring residents must prove to be given residency status.
For the pensionado (pensioner/retiree) category, you used to have to prove just $600 a month in pension income, from either the U.S. government or a private source (like the brokerage house that administers your IRA account). When the new law goes into effect, you'll need to prove $1000/month in retirement income.
For the rentista (small investor) category, it was necessary to prove a monthly income of $1000 (usually a CD or annuity), guaranteed by a banking institution. When the new law goes into effect next year, you'll need to prove a monthly income of $2,500.
Photo of a Costa Rican front porch by Erin Van Rheenen.
For more information, see How do I get residency in Costa Rica?
Comments
Before you run down to buy property however, check out the requirements for owning land in Costa Rica as a foreigner. Also watch out for crooks called Attorneies and squaters... If someone moves into your property and lives there for a while, it becomes theirs...
Very interesting article, Erin!
Thanks, Ed. And mLimberg, I agree that you have to be careful when buying property in Costa Rica--the industry isn't as regulated as it is in the US. But property laws in Costa Rica allow non-Costa Ricans most of the same rights as Costa Ricans, except in the 'maritime zone' -- right along the water.
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